⭕️ NEW: Middle East oil exports appear to have surpassed prewar levels despite escalating attacks on tankers in the Strait of Hormuz, according to Kpler data cited by the Wall Street Journal. Regional oil shipments averaged more than 24 million barrels per day in the week through October 18, compared with 23.3 million before the U.S.-Israeli war on Iran began in February. The report said the recovery has been made possible by the improvised shipping system, including tanker-to-tanker transfers in the Gulf of Oman, and expanded use of Saudi and Emirati pipelines bypassing Hormuz. The Kpler chart below tracks Gulf and Gulf of Oman exports, excluding Red Sea shipments. Its latest 14 days of data remain subject to upward revision, but the seven-day average appears to have tagged 20 million barrels per day in regional exports.

If we agree on a train from Dortmund to Düsseldorf at 6:58 though, it arrives at 7:54, at another platform, which we announce at 7:52 so that you have to run there at the last second. The bad thing about clichés is that they are often false.

Exclusive reporting by Korean media on Terafab: Terafab is excluding Chinese suppliers entirely. It wants to work with Korean suppliers because Japanese products are expensive. However, it is asking Korean companies to offer prices even lower than those of Chinese suppliers. Terafab decided in advance which companies to approach and which products to discuss at SEMICON West 2026, then visited their booths as soon as the show opened. Leading global semiconductor equipment suppliers Lam Research and Applied Materials have set up dedicated Terafab teams. The initial facility, with a capacity of 100,000 wafers per month, is expected to be completed before 2030. For logic chips, Terafab is working with Intel and is also in talks with TSMC. It is understood to be developing a separate manufacturing process for memory chips. A representative from an overseas equipment supplier said, “My understanding is that Musk initially explored acquiring production facilities from Intel, TSMC, and Micron, but shifted toward partnerships after being turned down. I have never seen this level of drive anywhere else in the semiconductor industry.” A representative from a Korean partner company said, “Even when we send inquiries in the early hours of the morning in the U.S., we get a response within 30 minutes to an hour. Their engineers have decision-making authority, so working with them is completely different from working with typical customers.” thelec.kr/news/articleView.h…

Market trades like there will be another Mini-war over the weekend, just to declare another victory by Sunday night. $QQQ

🇫🇷 A German documentary about the differences between a tiny enclave of Chinese immigrants and North African migrants in France.